Companies & Finance

Climate risk disclosure hotting up in Australia

Australian energy companies are facing pressure from multiple sources to disclose the financial risks that climate change presents to their businesses Australian energy companies are facing pressure from multiple sources to disclose the financial risks that climate change presents to their businesses.
By Sally Bogle 7 September 2017 0 27485
The Ichthys LNG project in Australia. Ichthys LNG. The CBA is the largest local lender to the project. (Inpex)

Pressure is mounting on Australian energy companies to accelerate efforts to disclose the financial risk that climate change will have on their businesses under the Paris agreement’s 2C warming scenario. 

In a potentially ground-breaking move, two shareholders of the Commonwealth Bank of Australia (CBA) launched legal proceedings against the bank in August for allegedly failing to adequately disclose climate change risk in its 2016 annual report. It is the first legal action by shareholders against a bank anywhere in the world and will test how public...